Whitney Tilson: Hot favourites won't always turn out to be great winners

This is Whitney Tilson's latest article on FT's Inside Curve column. Here is Tilson's points :

• Perfect foresight is impossible in the complicated and dynamic world of investing. Even the best investors typically turn out to be wrong.
• Never underestimate the competition.
• Valuation matters.
• That’s something to remember every time you buy a stock, especially if you’re betting on “sweeping trends”.
• Buy-and-hold isn’t what it used to be.

Direct Link - Whitney Tilson: Hot favourites won’t always turn out to be great winners.